What is the Regional Comprehensive Economic Partnership (RCEP)?
- Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos,, Malaysia, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing FTAs (Australia, China, India, Japan,South Korea and New Zealand).
- RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.
- RCEP is viewed as an alternative to the TPP (Trans-Pacific Partnership) trade agreement, which includes the United States but excludes China.
- The RCEP initiative aims to be an ASEAN-led process through which ASEAN would broaden and deepen its economic engagements with its FTA partners. The RCEP would lead to greater economic integration, support equitable economic development and strengthen economic cooperation among the countries involved.
- When completed, the agreement will be between 16 countries , which make up 45% of the world population and contribute a third of the world’s GDP.
